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African Studies
INTRODUCTION TO ECONOMICS
Introduction to Economics –ECO401 VU. Economics is a social science devoted to the study of how people and societies get what they need and want. Or, in more formal language, economics is the study of how societies divide and use their resources to produce goods and services and of how those goods and services are then distributed and consumed.
Introduction to Economics –ECO401 VU
Introduction to Economics: Definition of economics
What is best definition of economics?
A social science concerned chiefly with description and analysis of the production, distribution, and consumption of goods and services. b: economic theory, principles, or practices sound economics. 2: economic aspect or significance the economics of building a new stadium.10 May 2022What are the main definitions of economics?
A standard definition of economics could describe it as: a social science directed at the satisfaction of needs and wants through the allocation of scarce resources which have alternative uses. We can go further to state that: economics is about the study of scarcity and choice.What is the definition of economics by Robbins?
In his landmark essay on the nature of economics, Lionel Robbins defined economics as. “the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses” (Robbins, 1935, p. 16).What is economics by David Ricardo?
comparative advantage, economic theory, first developed by 19th-century British economist David Ricardo, that attributed the cause and benefits of international trade to the differences in the relative opportunity costs (costs in terms of other goods given up) of producing the same commodities among countries.What is economics according to Karl Marx?
Marxian economics is a school of economic thought based on the work of 19th-century economist and philosopher Karl Marx. Marxian economics, or Marxist economics, focuses on the role of labor in the development of an economy and is critical of the classical approach to wages and productivity developed by Adam Smith.What is economics According to FA Walker?
FA Walker defines Economics as a body of knowledge which relates to wealth. From the above definitions we can say that Economics is a study of how wealth is produced, distributed and exchanged for consumption.WHAT IS ECONOMICS?
Economics is not a natural science, i.e. it is not concerned with studying the physical world like chemistry, biology. Social sciences are connected with the study of people in society. It is not possible to conduct laboratory experiments, nor is it possible to fully unravel the process of human decision-making. “Economics is the study of how we the people engage ourselves in production, distribution and consumption of goods and services in a society.” The term economics came from the Greek for oikos (house) and nomos (custom or law), hence "rules of the household. Another definition is: “The science which studies human behavior as a relationship between ends and scarce means which have alternative uses.”Introduction to Economics: BRANCHES OF ECONOMICS
Normative economics:
Normative economics is the branch of economics that incorporates value judgments about what the economy should be like or what particular policy actions should be recommended to achieve a desirable goal. Normative economics looks at the desirability of certain aspects of the economy. It underlies expressions of support for particular economic policies. Normative economics is known as statements of opinion which cannot be proved or disproved, and suggests what should be done to solve economic problems, i-e unemployment should be reduced. Normative economics discusses "what ought to be". Examples: 1-A normative economic theory not only describes how money-supply growth affects inflation, but it also provides instructions that what policy should be followed. 2- A normative economic theory not only describes how interest rate affects inflation but it also provides guidance that what policy should be followed.Positive economics:
Positive economics, by contrast, is the analysis of facts and behavior in an economy or “the way things are.” Positive statements can be proved or disproved, and which concern how an economy works, i-e unemployment is increasing in our economy. Positive economics is sometimes defined as the economics of "what is" Examples: 1- A positive economic theory might describe how money-supply growth affects inflation, but it does not provide any instruction on what policy should be followed. 2- A positive economic theory might describe how interest rate affects inflation but it does not provide any guidance on whether what policy should be followed. We the people: includes firms, households and the government. Goods are the things which are produced to be sold. Services involve doing something for the customers but not producing goods.Introduction to Economics: FACTORS OF PRODUCTION
Factors of production are inputs into the production process. They are the resources needed to produce goods and services. The factors of production are: • Land includes the land used for agriculture or industrial purposes as well as natural resources taken from above or below the soil. • Capital consists of durable producer goods (machines, plants etc.) that are in turn used for production of other goods. • Labor consists of the manpower used in the process of production. • Entrepreneurship includes the managerial abilities that a person brings to the organization. Entrepreneurs can be owners or managers of firms. Scarcity does not mean that a good is rare; scarcity exists because economic resources are unable to supply all the goods demanded. It is a pervasive condition of human existence that exists because society has unlimited wants and needs, but limited resources used for their satisfaction. In other words, while we all want a bunch of stuff, we can't have everything that we want. Rationing is a process by which we limit the supply or amount of some economic factor which is scarcely available. It is the distribution or allocation of a limited commodity, usually accomplished based on a standard or criterion. The two primary methods of rationing are markets and governments. Rationing is needed due to the scarcity problem. Because wants and needs are unlimited, but resources are limited, available commodities must be rationed out to competing uses.Introduction to Economics: ECONOMIC SYSTEMS
There are different types of economic systems prevailing in the world.Dictatorship:
Dictatorship is a system in which economic decisions are taken by the dictator which may be an individual or a group of selected people.Command or planned economy:
A command or planned economy is a mode of economic organization in which the key economic functions – for whom, what, how to produce are principally determined by government directive. In a planned economy, a planning committee usually government or some group determines the economy’s output of goods and services. They decide about the optimal mix of resources in the economy. They also decide how the factor of production needs to be employed to get optimal mix.Free market/capitalist economy:
A free market/capitalist economy is a system in which the questions about what to produce, how to produce and for whom to produce are decided primarily by the demand and supply interactions in the market. In this economy what to produce is thereby determined by the market price of each good and service in relation to the cost of producing each good and service. In a free economy the only goods and services produced are those whose price in the market is at least equal to the producer’s cost of producing output. When a price greater than the cost of producing that good or service prevails, producers are induced to increase the production. If the product’s price falls below the cost of production, producers reduce supply.Islamic economic system:
This system is based on Islamic values and Islamic rules i-e zakat, ushr, etc. Islam forbids both the taking and giving of interest. Modern economists, too, have slowly begun to realize the futility of interest. The Islamic economic principles if strictly followed would eliminate the possibility of accumulation of wealth in the hands of a few and would ensure the greater circulation of money as well as a wider distribution of wealth. Broadly speaking these principles are (1) Zakat or compulsory alms giving (2) The Islamic law of inheritance which splits the property of an individual into a number of shares given to his relations (3) The forbiddance of interest which checks accumulation of wealth and this strikes at the root of capitalism.Pakistan case: A mixed economy
In Pakistan, there is mixed economic system. Resources are governed by both government and individuals. Some resources are in the hand of government and some are in the hand of public. Optimal mix of resources is decided by the price mechanism i-e by the market forces of demand and supply. Pakistan economy thus consists of the characteristics of both planned economy and free market economy. People are free to make their decisions. They can make their properties. Government controls the Defense.Introduction to Economics: CIRCULAR FLOW OF GOODS & INCOME
There are two sectors in the circular flow of goods & services. One is household sector and the other is the business sector which includes firms. Households demands goods & services, Firms supply goods & services. An exchange takes place in an economy. In monetary economy, firms exchange goods & services for money. Firms’ demands factors of production and households supply factors of production. Firms pay the payment in terms of wages, rent, etc. This is circular flow of goods. On the other hand, household gives money to firms to purchase the goods & services from firms, and firms’ gives money to households in return for factors of production. https://youtu.be/XmNXih8g3_wIntroduction to Economics: DISTINCTION BETWEEN MICRO & MACRO ECONOMICS
Micro Economics:
The branch of economics that studies the parts of the economy, especially such topics as markets, prices, industries, demand, and supply. It can be thought of as the study of the economic trees, as compared to macroeconomics, which is study of the entire economic forest. Microeconomics is a branch of economics that studies how individuals, households, and firms make decisions to allocate limited resources typically in markets where goods or services are being bought and sold. It also examines how these decisions and behaviors affect the supply and demand for goods and services, which determines prices, and how prices, in turn, determine the supply and demand of goods and services.Macro Economics:
The branch of economics that studies the entire economy, especially such topics as aggregate production, unemployment, inflation, and business cycles. It can be thought of as the study of the economic forest, as compared to microeconomics, which is study of the economic trees. Macroeconomics, involves the "sum total of economic activity, dealing with the issues of growth, inflation, and unemployment and with national economic policies relating to these issues” and the effects of government actions (e.g., changing taxation levels) on them. [pdf-embedder url="https://www.studyhelpus.com/wp-content/uploads/2022/05/INTRODUCTION-TO-ECONOMICS.pdf" title="INTRODUCTION TO ECONOMICS"] https://www.studyhelpus.com/introduction-to-economics/Free math homework help websites
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Homework help websites free show learners the skills for learning important part of the concepts in school. It’s paramount for parents to provide necessary resources to ensure their children learning process is well-supported. https://www.studyhelpus.com/homework-help-websites-free/Rhetorical Analysis essay: A step-by-step guide for learners
Rhetorical analysis is the process of evaluating elements of a text and determining how those elements impact the success or failure of that argument. Almost every text makes an argument. Often rhetorical analyses address written arguments, but visual, oral, or other kinds of “texts” can also be analyzed.
What is a rhetorical analysis essay?
According to Aristotle, rhetoric is “the faculty of discovering in any particular case all of the available means of persuasion.” Hence, a rhetorical analysis evaluates how well a spoken or written work accomplishes its purpose by examining the techniques the creator uses to persuade. Any act of communication that is intended to alter someone’s perspective can be rhetorically analyzed, including speeches, advertisements, news articles, opinion pieces, social media posts, works of art, songs and music videos, films, informational pamphlets, and academic texts. Also, know that there are many different approaches to rhetorical analysis, so follow the guidelines of your assignment, and when in doubt, talk to your instructor.Elements of rhetorical analysis essay:
A good way to generate ideas for a rhetorical analysis is by considering “the rhetorical situation”—in other words, the variables involved in acts of communication:- Speaker: the person, group of people, or organization that created the spoken or written work. It may be helpful to research the background, qualifications, and reputation of the speaker.
- Audience: the specific person or group of people with whom the speaker communicated. If the audience isn’t clear, ask: Who was most likely to read, see, hear, or view the message, given where it appeared?
- Purpose: the effect that the speaker intended to have on the audience (e.g., changing beliefs or behaviors, evoking an emotion, informing, provoking, offering a new perspective, or influencing a decision).
- Message: the main idea the speaker communicated to the audience in order to achieve the purpose. Messages can be overt or subtle, and they go beyond mere description of content. It may be helpful to ask: What was the key takeaway for the audience?
- Genre: the category or type of communication (e.g., op-ed, advertisement, or protest art). Works within a genre share features (or “follow conventions”) in form, style, organization, and/or subject matter. Ask: Did the message follow genre conventions or defy them, and how might the audience have reacted to that? Also, did the speaker chosen the best genre to accomplish the purpose?
- Context: the circumstances surrounding the act of communication—ranging from the specific event(s) that inspired the communication to the broader historical, socio-economic, and political variables. Ask: How might context have shaped (1) the speaker’s purpose and (2) how the audience received the message?
Rhetorical analysis process[/caption]
Features of a rhetorical analysis essay
Rhetorical analyses also often examine the ways that speakers sway their audiences and accomplish their purposes using the following three “appeals”:-
Ethos: An ethical appeal emphasizes the trustworthiness or credibility of the speaker. Speakers may enhance their ethos by presenting credentials or training, relevant experiences, social status, fame, and identity markers (such as ethnicity, gender, or group membership).
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Logos: A logical appeal demonstrates that the message is well-reasoned or well-supported. Facts, research, evidence, and explanation boost the logos of a message, while faulty logic or unsupported claims diminish it.
-
Pathos: A pathetic appeal sways the audience’s emotions. Speakers who effectively deploy pathos generate hope, fear, anger, excitement, sadness, and other emotions in their audiences in order to accomplish their purposes.
Depending on the rhetorical analysis prompt, you may be asked to examine all three types of appeal, to focus on one or two of them, or to explore alternative types of evidence used to persuade the audience. Some prompts may ask for you to explicitly use the terms ethos, logos, and pathos, while others may ask for a subtler approach that avoids those terms.
Identify the Rhetorical Tools
Speakers and writers use rhetorical tools (e.g., allusion, humor, or repetition) to activate or emphasize modes of persuasion or rhetorical appeals (ethos, logos, and pathos). For example, a speaker may use statistics to build his or her credibility (ethos), or a writer might use an anecdote to create an emotional connection with the audience (pathos). Here are some tools to look for, although this is not a comprehensive list:| · alliteration | · description | · paradox | |
| allusion | · euphemism | · parallelism | |
| · analogy | · examples | · reasoning | |
| · anaphora | · hyperbole | · rhetorical questions | |
| · testimony | · jargon | · rhythm | |
| · anecdote | · metaphor | · simile |
Present Evidence of a Rhetorical Tool
Whether you use a direct quote or a paraphrased idea, referencing specific passages of the text is a crucial step in identifying and exemplifying an author’s use of a rhetorical tool. After introducing the rhetorical tool you are highlighting, provide one or two examples of the rhetorical tool from the text. While providing examples is important, avoid overusing evidence since the majority of your paper should be analysis.Connect the Rhetorical Tool to the Mode of Persuasion
Depending on the audience and context of a work, different rhetorical tools will have different effects. For example, the use of historical allusions will affect an audience of studied professors differently than an audience of young students. When connecting a rhetorical tool to a mode of persuasion, consider these questions:Does the tool appeal to authority (ethos)?
- Is the speaker seen as a credible source to the audience? Why?
- Why does the speaker choose to use this particular rhetorical tool to establish authority? What connections is the speaker trying to make in the minds of the audience?
- Is the audience likely to accept this authority? Why or why not?
- How does establishing credibility of or trust in this authority help persuade people to trust the speaker?
Does the tool appeal to logic (logos)?
- Why does the speaker use a logical argument instead of an emotional or authoritative one? What is the audience’s likely reaction to this sort of logical reasoning?
- How selective or particular is the logic? Is there any evidence of flawed logic? If so, why? Does this undermine the argument, or strengthen it?
- Is the speaker using logic to persuade the audience about a highly emotional issue? If so, why?
Does the tool appeal to emotion (pathos)?
- What emotion is the speaker highlighting? How would this emotion impact the speaker’s audience?
- What particular tool is used to influence or cause an emotional reaction? Does it work? Why or why not?
- Once the speaker has affected the emotions of the audience, how does the speaker connect that emotion with the purpose of the speech? Is this effective? Why or why not?
Typical structure of a rhetorical analysis:
Rhetorical analyses can have different structures and be different lengths, depending on the work the writer chooses to analyze, the context for the assignment, and the specific prompt. If you are writing a rhetorical analysis, make sure to carefully review any instructions you receive. That said, most rhetorical analyses loosely follow this organization and include some or all of these elements:Introduction
The introduction may…- briefly describe the spoken, written, or creative work that you will analyze;
- provide necessary context or background information;
- and offer a thesis statement that (1) makes a claim about how well (or poorly) the speaker fulfilled the purpose and (2) identifies the key techniques the speaker used to influence the audience.
Explanatory
In one or more body paragraphs at the beginning of the paper, describe the rhetorical body paragraph(s) situation in greater detail than the introduction, the speaker, the intended audience, and the intended purpose of the message.Evaluative
The bulk of the body paragraphs will evaluate the effectiveness of the piece of body paragraphs communication. Each paragraph or section should examine an aspect, element, or appeal that contributed to the work’s success or failure in achieving its purpose. In these paragraphs, you might…- explain why the speaker was (or was not) qualified to communicate the message and whether or not the speaker came across as credible;
- describe why particular pieces of evidence, examples, or reasoning were (or were not) effective; carefully consider how these examples affect the overall impact of the piece on the intended audience. · critique logical fallacies, gaps in the speaker’s argument, or the speaker’s failure to consider important information or perspectives;
- explain why the tone, language, examples, or artistic choices were likely (or unlikely) to resonate with the audience;
- and/or describe the emotional effect the work was likely to have on the audience and whether or not it aligned with the speaker’s purpose.
Conclusion
The conclusion should reiterate whether or not the piece of communication accomplished its intended purpose. You might also…- Answer “So what?” Why does this piece of communication warrant a rhetorical analysis? What did it ultimately accomplish? And what does your analysis reveal about society, human nature, or this point in history?
- Answer “What next?” What should your readers do in response to the analysis you’ve just provided? How should your analysis shape their interpretation and evaluation of similar types of communication?
Conclusion on what to note about rhetorical essay analysis
A rhetorical analysis is not a review. In other words, a rhetorical analysis is not about how much you like (or dislike) the work you are analyzing, and it’s not merely about which points you agree or disagree with. While a rhetorical analysis is a type of argument, it is not an argument about your opinion on the topic (an endorsement or rebuttal). Rather, your argument should be about how effectively (or ineffectively) the work accomplished its intended purpose for its audience. You will do this by identifying and evaluating the strategies the speaker used to serve this purpose [pdf-embedder url="https://www.studyhelpus.com/wp-content/uploads/2022/05/Rhetorical-Analysis-Paragraphs-and-Essays.pdf" title="Rhetorical Analysis Paragraphs and Essays"] https://www.studyhelpus.com/rhetorical-analysis-essay-a-step-by-step-guide-for-learners/ECON202 week 4 Research Project 1 - The National Debt
Research Project 1: The National Debt
https://www.studyhelpus.com/econ202-week-4-research-project-1-the-national-debt/
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